Compare Barclays Business Loans
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Barclays Business Loans offers a variety of borrowing solutions for businesses at all stages of their growth journeys and across a variety of sectors.
You don’t need to be a Barclays business account holder to get a loan, you just need to hold a business account with another bank.
In terms of business borrowing, its products include business loans, business mortgages, business overdrafts, asset finance, invoice finance, and credit cards.
What’s more, in order to offer an even broader range of specialist finance, Barclays has partnered with MarketFinance to provide for invoice finance, and Propel to provide asset finance.
Read on to find out which of Barclays business finance options might be suitable for your growth plans. You can also check out their features and see if they work for your business.
What is Barclays?
Barclays is a British bank offering financial services to everyone from consumers to small and larger businesses.
It currently offers business accounts, including one specifically for startups, one for businesses with up to £400,000 turnover, and one for those making up to £6.5m.
It also helps businesses access working capital and invest in growth through its borrowing services.
What products and services do Barclays offer?
Unsecured business loans
With an unsecured business loan from Barclays, you can currently borrow up to £100,000 without securing the loan against an asset, and have the funds in your account within 48 hours of signing the paperwork. You can choose the length of time you borrow over Interest rates for unsecured business loans are fixed so you will know how much you are paying back.
Secured business loans
With a secured business loan, you can apply to borrow more than your provisional lending limit - the amount that the bank is willing to lend you based on what it already knows about your business’s finances.
Business mortgages
Barclays offers a range of business mortgages, including commercial mortgages, agricultural mortgages, buy-to-let mortgages for limited companies with up to three properties, and buy-to-let mortgages for businesses with four or more properties. You can borrow from £25,000 for anything from expanding your property portfolio to releasing equity from an existing property.
Business overdrafts
Barclays business overdrafts allow you to borrow to help manage short-term cashflow challenges. You’ll be charged a monthly fee and interest, which vary depending on the size of your overdraft.
Asset finance
Provided in partnership with Propel, you can use Barclays asset finance to borrow to fund up to 100% of essential business assets. Barclays offers two types of asset finance: Hire-purchase financing, to quickly access critical equipment, and unlocking value, a refinancing solution that can free up funding against existing assets.
Invoice finance
Unlock funding tied up in outstanding customer invoices with Barclays Invoice Finance. You can choose either flexible funding, provided in partnership with MarketFinance, or ongoing funding, provided by Barclays Corporate.
Barclaycard for business
Choose from the Select Cashback credit card, the Premium Plus credit card, or the Select charge card.
Can I get a small business loan with Barclays?
Barclays doesn’t stipulate a business age or size in its lending criteria. You could be a startup or a more established business, as long as you’ve got sound financials and accounts as evidence of your creditworthiness, you may be able to take out a business loan from Barclays.
Key features of Barclays business loans
- A variety of borrowing options available to suit different needs, including secured and unsecured loans, overdrafts, and asset finance.
- Flexible lengths of borrowing potentially available.
- Fixed and variable repayment rates on offer.
- Partnerships with providers including Propel and MarketFinance to supply specialist finance.
How do I apply for a Barclays loan?
If you are already a Barclays Business customer, you can apply for a Barclays business unsecured loan, asset finance, and Barclaycard, either online or through the app. Just login to start your application. If you want a secured loan, and you’re an existing customer, you can contact Barclays directly.
Am I eligible for a Barclays business loan?
As long as you are a UK-based sole trader, in a partnership, or limited company, you’re eligible to apply for a Barclays business loan. Barclays does say that it doesn’t lend to all sectors, but it doesn’t specify which are ineligible.
What do Barclays customers say?
On Trustpilot, Barclays has been rated 1.5 out of 5 based on 6,749 reviews.
On the App Store, the Barclays app has been rated 4.8 out of 5 based on 1.5 million reviews. On Google Play, it has been rated 4.5 out of 5 based on nearly 443,000 reviews.
According to an independent service quality survey quoted on the Barclays website, 58% of Barclays business current account holders would recommend it to other SMEs.
What else should you consider?
With everything from secured and unsecured loans to overdrafts and asset finance, you could consider a Barclays borrowing solution to suit your business, whether you are already a Barclays customer or you hold a business account with another provider.
Once you’ve signed an agreement, the funds could be in your account in as little as 48 hours, which you can use to expand your business, invest in equipment, or improve cashflow.
Additionally, like many lenders, Barclays business loans and finance solutions are flexible, and can choose a loan term, and fixed or variable rates depending on your needs and the type of loan.
Make sure to compare Barclays to other business finance providers to ensure you’re choosing the best option.
Barclays Business Loans FAQs
How much deposit do you need for a business loan?
Can I borrow money for a business?
How can a small business get a loan from a bank?
Who is eligible for a business loan?
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